Order Insights played a crucial role in safeguarding over 130,000 files in November by verifying transaction data, alerting title agents about discrepancies, and flagging potential fraud indicators.
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Addressing the persistent challenge of fraud in real estate, First American Title Insurance Company has integrated real-time fraud alerts into its AgentNet technology platform.
The newly introduced fraud alert system, Order Insights, successfully safeguarded over 130,000 files in November by automatically validating transaction data, notifying title agents of discrepancies, and identifying potential fraud risks, as announced by First American.
Stephen Vincini
“The implementation of dynamic fraud alerts enables our agents to provide the certainty and trust essential for seamless real estate transactions,” stated Stephen Vincini, an executive at First American Title, in a press release.
According to the FBI’s recent Internet Crime Report, losses from real estate-related fraud exceeded $145.2 million in 2023, ranking it as the 11th highest category of Internet crime by monetary impact. Notably, First American Title’s parent company fell victim to a cyberattack last year that temporarily disrupted its online operations.
Key Internet crime categories and financial losses
“BEC” refers to “business email compromise.” Source: FBI 2023 Internet Crime Report.
The fraud alert system, Order Insights, is now an integral part of AgentNet Services, a digital platform offering First American Title’s range of products and services that was launched in October.
Within the AgentNet platform, AgentNet Services streamlines the order entry process, provides flexible reporting and remittance options, and grants access to back-office services and title experts as needed.
In addition, AgentNet Knowledge offers underwriting support, educational resources, and CE/CLE training, while AgentNet Production delivers a cloud-based solution for title and escrow closings. AgentNet Marketing facilitates secure collaboration with customized quotes, property reports, and farming tools, and AgentNet Finance ensures compliance-driven banking and escrow accounting.
“In conjunction with the fraud prevention tools, insights, and notifications available through AgentNet Knowledge, a hub of industry-leading underwriting expertise, Order Insights represents a valuable addition to the AgentNet platform, setting the stage for enhanced real-time communication and fraud prevention features in the near future,” First American stated.
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Contact Matt Carter via email